Newport Beach, CA, May 08, 2023 (GLOBE NEWSWIRE) -- Bitech Technologies Corporation [OTCQB: BTTC] (the “Company” or “Bitech”), a global technology solution provider dedicated to providing a suite of green energy solutions with a focus on green data centers, commercial and residential utility, electric vehicle infrastructure and other renewable energy initiatives today announces it has received a Letter of Intent (LOI) from Nam Viet Green Energy JSC, (“Nam Viet Energy”), a Vietnam partner to provide up to $300 million in financing for selected projects related to solar and Battery Energy Storage System (BESS) projects.
The LOI confirms a formal relationship between the two companies, showing a keen investment commitment from the Asia Pacific region into one of the fastest growing renewable energy sectors in the United States today, thus positioning Bitech to accelerate its refocused business initiatives. We believe this new investment commitment validates Bitech's vision enabling the company to implement its business plan to power future growth. We believe the LOI signals a major collaborative step forward for the two companies.
Subject to Nam Viet Energy’s completion of due diligence for each renewable energy sector project and execution of definitive agreements with prospective target companies, this LOI formalizes Nam Viet Energy’s commitment to facilitate capital investment to invest or acquire several selected projects to be hand-picked by Bitech. The funding under any such investment from Nam Viet Energy and its reliable capital partners from Southeast Asia is expected to occur within fiscal year 2023 with extension to fiscal year 2024.
Nam Viet Energy’s commitment is in alignment with Bitech’s refocused business development growth plans to seek the newest renewable energy technologies through exclusive licensing or acquisitions of innovative green energy technologies and selective operations or acquisitions of good return-on-investment Battery Energy Storage System (BESS) power plant projects, followed by capital injection from industry-experienced global capital partners and then applying more efficient green energy technologies in newer power plants as a pioneering technology enabler in the green energy sector.
“This is an important partnership for Bitech as we look forward to working with Nam Viet Energy to expand its regional investment portfolio as an engineering, procurement and construction (EPC) company that seeks global expansion in the renewable energy sector while expanding the renewable technology market globally, starting with Vietnam and Southeast Asia, said Dr. Benjamin Tran, CEO of Bitech Technologies. “The synergy between our companies will provide us a greater benefit as we go full force into this sector with plans for new capital investment from Asia,” added Dr. Tran.
“Our expansion focus at Nam Viet Energy this year is fully anchored with Bitech Technologies which, we believe, can bring many commercially viable and advanced technologies and new battery supplies to the burgeoning Asia region to help reduce our EPC cost and enhance power efficiency here in our regional operations,” stated Mr. Nguyen Tan Hung, CEO of Nam Viet Energy. “Bitech’s focus in the United States renewable energy market and their commitment to expanding innovative green energy technologies and products, together with their U.S. local regulatory understanding in the BESS business at the ground level makes them the ideal operating partner to help us forward our mission toward global expansion.”
The global renewable energy market is expected to continue its upward growth over the next years. According to the Next Move Strategy Consulting Group, the market is expected to reach over two trillion U.S. dollars by 2030. Environmental concerns regarding fossil fuels, rapid urbanization, and economic growth in emerging regions are all major factors that are contributing to the projected market growth.(1)
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1 See: https://www.statista.com/statistics/1094309/renewable-energy-market-size-global/
About Bitech Technologies Corporation
Bitech Technologies Corporation (OTCQB: BTTC), is a technology solution provider dedicated to providing a suite of green energy solutions with a focus on green data centers, commercial and residential utility, electric vehicle infrastructure, and other renewable energy initiatives. We plan to pursue these innovative energy technologies through research and development, planned acquisitions of other green energy technologies and plans to become a grid-balancing operator using Battery Energy Storage System (BESS) solutions and applying new green technologies in power plants as a technology enabler in the green energy sector. While participating in the clean energy economy, we are seeking business partnerships with defensible technology innovators and renewable energy providers to facilitate investments, provide new market entries toward emerging-growth regions and implement or manufacture these innovative, scalable energy system solutions with technological focuses on smart grids, Building Energy Management System (BEMS), energy storage, and EV infrastructure. We are seeking business partnerships with renewable energy providers and value-added resellers to facilitate and implement innovative, scalable and modular energy system solutions. For more information, please visit www.bitech.tech.
About Nam Viet Green Energy JSC
Among the pioneers of renewable project builders in Vietnam encompassing renewable project research, investment, and development for public and household consumption, Nam Viet Green Energy JSC is an EPC (Engineering, Procurement, and Construction) company dedicated to participating in exceptionally high ROI renewable energy opportunities to share with its worldwide investors via developments of renewable energy projects serving a huge demand for electricity in Vietnam. Nam Viet Energy invests and co-invests in mid-sized and large-scale renewable energy projects, particularly solar energy and wind energy including project design, technologically advanced equipment supply, and building state-of-the-art energy facilities with installations of high-end mechanical and electrical systems in civil and industrial projects. Nam Viet Energy acquires, operates, and maintains several major energy facilities in Vietnam. For more information, please visit https://namvietenergy.com/en/
Cautionary Note Regarding Forward-Looking Statements
This news release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results) and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as "may," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the Company. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Contact:
Bitech Technologies Corporation
Investor Relations
Tel: 1.855.777.0888
Email: info@bitech.tech
